land & property transfers made easy
What is conveyancing?
Conveyancing is the process, which is done by a Notary to transfer legal title to a property that has been sold to a new owner. In British Columbia, Torrens system of land title is used, in which a register of land holdings is maintained by the state. Torrens system guarantees an indefeasible title to those included in the register.
In brief, Notary fulfills the terms of the contract of purchase and sale that you have entered into. A Notary is able to verify that the Seller of a particular property is in fact the rightful owner. Also, Notary ensures that no important legal element is overlooked, particularly by first time buyers or those buying their first home in BC. A Notary can ensure that all conveyancing, insurance and strata regulations are addressed properly. In addition, a Notary skillfully prepares mortgages for banks and other lenders to ensure that your purchase goes smoothly.
What are the key documents?
It is crucial that buyers recognize the importance of the transaction and documentation process and work with a legal professional who’s qualified and experienced – so that their purchase is protected. The key documents and processes for the purchase of a home or condo typically cover the following areas, and will vary depending on various details of the transaction:
- Mortgage documents – related to borrowing and securing funding from a lender
- Title search – ensuring the property is owned by the “seller” and unencumbered
- Tax search to ensure that the property is not subject to outstanding property taxes which if left unpaid would become the responsibility of the new owner.
- Insurance documents
- Strata documents and forms (for strata properties) – determine any special assessments, fines, penalties or fees outstanding; confirm strata fees, preparation of necessary forms
- Arrange and secure deposits and transfer funds from lender and/or purchase
- Property transfer and confirmation
I am upfront with my fees to help my clients plan better instead of facing additional and unexpected charges on completion. I think it is important to give my clients a peace of mind when it comes to legal fees.